Hi, strange couple of weeks finally seemed to have fizzled out. I mentioned a fortnight ago that the USA & Canada had moved their clocks forward 2 weeks earlier than the rest of us and it may have an effect. Did it? I don’t know BUT European clocks went forward today (Sunday) so everything is hopefully back in psync.
Lots of emails from those of you who caught some of the predicted/hoped for moves on the Gbp/$, Euro/$, Jpy & Chf moves later in the week. Hopefully the newer members amongst you will have learned why I bang on about patience & discipline. By walking away and leaving the markets alone until price comes to us (as per Plan the Trade, Trade the Plan) you can avoid all the pain, stress & suffering & capitalise when things are in our favour.
Often we can make a months worth of pips (400 is my minimum target) in just a couple of days. One new member made his 1st “live” trade on Thursday for a 140 pip win which is incredible. Lots of people will have lost a lot of money in the recent uncertainty with price bouncing around in small ranges on many pairs. If you followed my advice & the money management rules hopefully you will have avoided all of the aforementioned stress.
There is a huge amount of news this week culminating in the dreaded NFP friday. This is likely to be sillier & even more erratic than normal as most of the worlds traders will be taking the day off. So you get a short week! Check calendars everyday before entering trades & also be aware that the Greek situation has not gone away & there is a G8 summit in Canada and a raft of other politicians making speeches, all of which could lead to lots of volatility.
| M1 | Started to liven up and a few decent wins last week. We had a good 3 months run with this pre Christmas, lets hope this is the start we have been waiting for. |
| Lmt
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Started to get movement and hopefully new trends which this system desperately needs. There is a probable Euro/Gbp trade signal tonight on the daily on Alpari’s platform. I quite like the look of that one. There is certainly room above & stochastics & 5/8 cross look to be in our favour (as long as there is no “gap” down at market open). I am less confident with a possible Chf short signal. Price is currently stopped at the weekly 55ema/previous support & resistance line and Fridays candle was a little on the large side. Prefer if this pulls back to say 1.07000 and then look for possible clues to short there |
| Gbp/$ | Currently half way between recent support & resistance areas. Will be very interested in shorting at 1.5000 again. Psychological level, big previous support now resistance, 4 hour 55 ema, 61.8% fib of last weeks moves, daily trend line, in other words multiple reasons! Consider possible bounces back up at 1.4800, but counter trend so half stake. |
| Euro/$ | I show in the video how the overall, monthly move would tempt us to short at 1.3550 for multiple reasons, however for intraday trades we may not get such a big move. 1.3450 was strong previous support and is 61.8% of Fridays move so also consider shorts there and 1.3490. The bollingers and macd divergence suggest a move up tomorrow, but this one could be a little tricky. We are in a longer term down trend though so I favour shorting if we can get an entry. |
| Chf/$ | Looking to short at 1.07000 and then possible longs at 1.0580 & definitely if price gets back to 1.05000 due to fibs, emas etc as explained in the video |
| $/Yen | Two types of trades I am looking for here. I am looking to long for both. 1st entry point of interest for both is our normal break out pullback. Pullback to 91.50. If price does pull back further in the week, say to 90.000 I will definitely be looking for a longer term, reduced stake “carry trade.” I explain in the video the principle behind the carry trade. This is not the best pair for this at the moment due to low USA interest rates, the Aud/Jpy for example is a better bet for this method. For more details check out Investopedia |
The above (and the video) is a brief selection of detailed analysis I prepare every trading day for members of the low cost forex mentor program that I run. If you would like to know more click on the following banner
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